Adidas to start selling stockpile of Yeezy sneakers worth $1 billion later this month

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On Friday, Adidas announced that it will soon begin selling its leftover Yeezy sneakers worth more than $1 billion. Yes, you read that right! So, if you wish to get your hands on a pair, you’ll just have to wait till the end of this month.

The proceeds will be donated to various anti-racism groups including the Anti-Defamation League, which fights antisemitism and other forms of discrimination, and the Philonise & Keeta Floyd Institute for Social Change, run by social justice advocate Philonise Floyd, the brother of George Floyd, says the German sportswear giant.

“After careful consideration, we have decided to begin releasing some of the remaining Adidas Yeezy products,” said Adidas CEO Bjorn Gulden in a statement. “Selling and donating was the preferred option among all organisations and stakeholders we spoke to. There is no place in sport or society for hate of any kind and we remain committed to fighting against it.”

Ever since Adidas terminated its partnership with Ye, formerly known as Kanye West, in October 2022 because of his anti-semitic comments on social media and in interviews, Yeezy products have been unavailable to shoppers. This will be the first time since the incident the brand will restock the Yeezy collection. 

The items to be sold on Adidas’ website from May 31st include existing designs as well as designs that were in the works in 2022 for sale this year, the company said in the statement.

At Adidas’ annual shareholders meeting earlier this month, Gulden said the company had spent months trying to find solutions before deciding against destroying the items and to rather sell them to benefit various charities that were harmed by what Ye said.

The company said Friday that the move has no immediate impact on the company’s current financial guidance for 2023.

(With inputs from agencies)

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